Video Transcript:
What is an assignment of a mortgage and how does it affect a property title? This is Dave at TitleSearch.com. A mortgage assignment is a contract where the lender that mortgage is assigning their rights of the property to another party, maybe another lender, maybe a servicing company, maybe even an investor. What happens is the mortgage itself is a pledge of that property, pledge of that collateral to guarantee an underlying loan. If you You borrow 200,000 dollars on a mortgage, the property is guaranteeing that you're going to pay that back. If you don't pay it back, they're going to grab the property. If another lender comes in and buys that mortgage from a bank, they're going to want that same guarantee so that property claim is going to be transferred to them. That's where the assignment comes in. It's filed in the land records. It says that this property claim is going from lender A to lender B, and they have all the same full rights as another lender. The property owner doesn't have to be part or even give permission for that assignment. If you're curious about who is holding the rights to a mortgage, you don't necessarily need to look at the original mortgage. You want to make sure and find out if there are any assignments since then. Just because you have that original mortgage in hand or even find it in the land records, unless you've searched for all possible assignments, you're not going to know who the current holder of those rights are. If you have questions about doing a title search on mortgage assignments, you can reach us at our website at title search dot com.